Foremployees HiredPriortoJuly 1.2014 - Irrevocable election and waiver Sample Clauses

Foremployees HiredPriortoJuly 1.2014 - Irrevocable election and waiver. In order to participate in the RHSP, employees hired prior to July 1, 2014 must exercise a one-time irrevocable election and waiver by October 31, 2016 (or within thirty (30) days of transfer into a classification represented by Local 1245), in which the employee must either (1) continue participating in the retiree-annuitant portion of the PEMHCA. or (b) receive the one-and-one- half percent (1.5%) RHSP contribution by the City, which shall be retroactive to October 1, 2015. An employee's receipt of benefits under the PEMHCA will depend on whether the City remains in PEMHCA at the time of an employee's retirement. PEMHCA benefits will be granted to a retiring employee if statutorily required. The City and Local 1245 shall hold joint employee explanation meetings prior to October 31, 2016 in order to explain the impact of an employee irrevocable election waiver.